The popular meme coin Floki (FLOKI) is poised for a massive upside rally as its token successfully retested the breakout area. On October 14, 2024, while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) were gaining significant upside rallies, FLOKI breached the neckline of the bullish price action pattern.
According to CoinPedia’s technical analysis, FLOKI appears bullish as it has successfully retested the neckline of the bullish double-bottom price action pattern. Additionally, the meme coin closed the daily candle above the neckline and the 200-day Exponential Moving Average (EMA), confirming FLOKI’s bullish momentum.
Based on the recent price momentum following the breakout of the bullish price action pattern, there is a strong possibility that FLOKI could soar by 20% to reach the $0.000178 level in the coming days.
Despite this bullish outlook, if FLOKI fails to hold the 200 EMA and closes a candle below $0.000141 there is a high possibility it could lose momentum and face a notable price decline in the coming days.
FLOKI’s bullish outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, FLOKI’s Long/Short ratio on the four-time frame currently stands at 1.23, indicating strong bullish sentiment among traders.
Additionally, its future open interest dropped by 2%, indicating traders liquidated their positions due to the recent price correction. Currently, 55.27% of top traders hold long positions, while 44.73% Currently, 55.27% of top traders hold long positions, while 44.73% hold short positions.hold short positions.
Combining these on-chain metrics with FLOKI’s technical analysis, it appears that bulls are currently dominating the asset, though some traders liquidated their positions due to the recent price correction.
At press time, FLOKI is trading near $0.000147 and has experienced a modest price decline of 1% in the past 24 hours. During the same period, its trading volume jumped by 30%, indicating heightened participation from traders and investors.
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